Quote from: freecoin on May 26, 2011, 04:10:08 PM

Quote from: Gameover on May 26, 2011, 04:02:26 PM

.. but the moment you sell those 100 bitcoins for $800 you have to report that. Having bitcoins is like having 100 jpgs or 100 bookmarks, you don't report jpgs on your taxes even though they may have value, but if you sell them then you report that, same thing.

I respectfully disagree. There is no requirement. We have been greatly deceived. Unfortunately I don't have much in the way of proof. I've personally operated outside the FR system and not paid income tax in years. I conclude that the IRS agrees with me since I have no legal issues.

I have heard that as well but would rather pay 30% than having a chance of going to federal prison. Either you don't make very much (little risk of being audited) or are delusional in thinking that any argument you make will hold up in court and not land you with heavy fines much beyond what you owe or prison time. Besides our tax rate is much lower than almost every other industrialized nation, even though most of it is squandered Sad